Finding New Niches SMSFs
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1 Finding New Niches SMSFs Graeme Colley Director of Education and Professional Standards
2 1. About SPAA 2. How SMSFs are currently distributed? 3. Why are the main reasons why people set up SMSFs? 4. What are they mainly invested in? 5. What changes are happening? 6. Players in the industry 7. Impact of reforms / Current developments in SMSFs 8. New entrants likely success or otherwise e.g. AMP etc. 9. Costs and Performance of SMSFs. 10. Future of Super / SMSFs. 11. Demographics
3 SPAA s Role Peak association representing SMSF Advisors in Australia Voice and advocate of SMSF sector Creator of new profession Best practice standards in SMSF advice & education Self-regulatory industry body & Code of Conduct Network for all advisors licensed and not licensed Services for members including PI insurance Upholding the integrity of the SMSF Industry Thought leader
4 Changes in the Superannuation Industry SMSF Industry Retail Corporate Public Sector
5 Superannuation Sector As at 30 June 2012 Fund Type Entities Assets ($ billion) Number of member accounts ('000) Average account balance ('$000) APRA regulated Public offer super funds , Non-public offer super funds 141 2, Approved deposit funds As Eligible rollover funds 16 4, Small APRA funds 3, ATO regulated Self-managed super funds 478, Other Exempt schemes b Balance of life office statutory funds 42.2 Total a 481,890 31,911 1,401 APRA stats published January 2013
6 the SMSF sector is well managed and well functioning what is important is what was not recommended! Cooper Review 30 June 2010
7 SMSF Facts 30 June ,362 SMSFs and nearly 1 million SMSF members Average balance over $1 million per fund (median balance $600k) Average balance $514k per member 35,776 SMSFs were established, while 2,230 were closed in 2012/13 Total SMSF assets $495b at June ,039 net new entrants in June 2013 quarter Lower fees in many cases 0.60% (38% < 0.25%) Source: ATO
8 SMSFs excel because have long-term investment goals & are sticky investors can implement more diverse asset allocations than APRA-regulated funds hold the majority of pension assets (80%+) can be extremely tax efficient fewer members - can align their best interests at a lower cost can negotiate best prices on professional services independently. + returns
9 What SMSFs do right the only sector to meet Australian Government objectives adequacy longevity sustainability member choice and engagement GFC survival positive performance equal to or better than other funds lower fees 0.39% pm and 0.60% pf (38% <0.25%) focused on returns well placed for future volatility. Cooper Review Report December 2009
10 Distribution of SMSFs 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Net Establishments of SMSFs Axis Title 0 2,000 4,000 6,000 Establishments Windups Net establishments
11 40.00% Distribution of funds State by State 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% ACT NSW NT QLD SA TAS VIC WA
12 Age of SMSF members 35.00% 30.00% 25.00% 20.00% 15.00% Male Female Total 10.00% 5.00% 0.00% < > 64
13 How much do SMSF members earn? 25.00% Earnings of fund members by gender (%) 20.00% 15.00% 10.00% Male Female Total 5.00% 0.00% $0 $20,000 >$20,000 $40,000 >$40,000 $60,000 >$60,000 $80,000 >$80,000 $100,000 >$100,000 $200,000 >$200,000 $500,000 >$500,000 Unknown
14 Why are SMSFs established? Control Flexibility Cost Tax planning Estate planning
15 What changes are happening to SMSFs StrongerSuper changes Accountants limited licence Auditor registration Technical changes: Off market restrictions Valuation guidelines Artworks and collectables Limited recourse borrowing Penalties Proof of identity checks
16 Who are the players in the SMSF industry? Main players: Accountants Financial planners Trustees and members Secondary players: Associations Product providers stockbrokers, share trading services, real estate agents, banks and financial organisations Administrators Those who think SMSFs should be extinct
17 if all Australians were to genuinely benefit from superannuation, then in 25 years time when the market had matured, everyone would have an SMSF as only an SMSF can actually meet each individual s needs for their retirement! Jeremy Cooper SPAA NC2010, 18 Feb 2010
18 Future of SMSFs
19 Lessons learned from the research Sector poised for growth coming from a new segment Middle Australians Traditional advice model redundant Reposition to financial mentor Contribution caps are stifling growth In retirement income & in National savings ( $74k or $15bn less pa) Providers need to break the product mindset ETFs; a low cost implementation solution Trustees have a right to quality information and services Genuine desire to be responsible decision makers Genuine requirement for competent specialist SMSF advice
20 Retail Funds bag Industry Funds, Corporate Funds bag Industry Funds, Industry Funds bag Retail Funds, Everyone bags SMSFs and SMSFs don t really bag anyone they just get on with business!... The Hon. Bill Shorten, MP AFA Luncheon, 27 June 2011
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